Homepoint Cuts Lending Capacity By $925M
Joins loanDepot in reducing capacity by around $1billion.
Joins loanDepot in reducing capacity by around $1billion.
Company plans to emphasize customer service during price war
Also mutually agrees to end negotiations with Guaranteed Rate over sale of retail mortgage divison.
The nation's second-largest retail nonbank lender has now cut $1.5 billion in capacity since mid-August.
Reduction is the second in two months following a similar move in August.
Website announcement declares plan to close the channel by Oct. 31.
Company has posted 3 straight quarterly losses, reduced its workforce by 20% in 2022.
A former executive of a now shuttered wholesale division discusses the future of the channel.
Home Point Financial executive says rate battle "not sustainable"